If a value on a meter is explicitly defined and fixed, like X=60, then another meter using it will not need DynamicVariables=1 to get that value with [Meter:X], but if the value is in any way "derived", or changes based on any other value, the [Meter:X] will only ever see the first, original, fixed value.

The value of [MeterOne:X] is an explicit and fixed value, and MeterTwo is able to see it even without DynamicVariables=1. However, note that the value of [MeterOne:W] is not explicit or fixed, but is "derived" when the meter is actually drawn. That value is "dynamically" created on the fly. All it is seeing is the fixed Padding that is on the meter. The width of MeterOne is zero before it is drawn the first time.